The Holga 120N is a toy camera that uses medium format 120 film and introduced in 2009 by Universal Electronics. A version called Holga 120GN with a glass lens is also available.

It improves upon the Holga 120S in may respects by having interchangeable film masks that support both 6×4.5 and 6×6. The lens is the same plastic 60mm f/8 design from previous Holgas. There are four positions to the focusing, 1m (single), 2m (trio), 6m (group) and inf (mountain). There are two aperture settings at f/11 (sun) and f/8 (cloud / flash). The previous variations do have the sun aperture setting but did not function. There are two setting for the shutter speed; N (1/100) and B (bulb). This can be adjusted on the base of the camera lens. There is now a tripod bush beside the shutter speed selector. The camera back still uses a red window with a vertical slider to choose number of exposures. The 120 film spool chamber now has a bit of foam to improve film tension.